HUD 203K Project Bid

[HomerJ]

Got my first lead for a 203K loan project.

The call came in directly from the loan applicant. (she found us via the website)

I plan on working up a bid as usual and presenting it to the loan applicant. I assume she submits her bids to her consultant, and he takes it from there.

If chosen, I know that we don't get paid unless the work passes inspection by the HUD consultant. For this project, we'll also need to pass inspection by the city. Does that mean I need to finance the entire project up front, or can there be progress payments?

I'm going to re-read all the info on the HUD site, but are there any tips from those of you who've had experience with this?

Thanks.

[Eieio]

Is the contract amount over 35K??

There are two types Steamline under 35K and Traditional over 35K

This link covers the basics and gives examples. I can give you the ins and outs later

http://www.hud.gov/offices/hsg/sfh/203k/203kmenu.cfm

[HomerJ]

Based on the scope of her project, it will be over $35K if she does all she wants to do.

[Eieio]

Based on the scope of her project, it will be over $35K if she does all she wants to do.

Then she will need a home inspection and a write up from a 203K consultant who will provide a basic scope of your for the bid process.

[Silvertree]

I am a 203K loan consultant, for about 2 weeks now.

In a few weeks we will have a webinar on this, Right Rory?

[Eieio]

I am a 203K loan consultant, for about 2 weeks now.

In a few weeks we will have a webinar on this, Right Rory?

Uhh yeah webinar right. :2thumbsup: